Can AO audit our accounts?
No, we are not auditors, we are management accountants, and it would not be ethical for us to audit accounts that we produce.
We can help you find auditors, or you can choose whichever auditing company you like- we produce accounts to the same standard for all our clients.
AdminOutsourcing / 24 Oct 12, 11:26
Local Tax Issues
What is withholding tax of 3% and what is the correct accounting for this item?
“Withholding tax” in Thailand is a term applied to many taxes, but the most common one that business owners come up against is the 3% deducted by customers from your sales invoice. The 3% is deducted from the “service” before VAT (currently 7%), and is paid over to the Revenue Department by the customer at the end of each calendar month. The customer is required to give you a certificate (duly signed) which must be kept carefully, as it is your evidence to the Revenue Department that you can claim against your company”s annual tax bill.
The subject is far more complex than this simple explanation, and can be looked up on the Revenue Departments website, in English
Matthew / 10 Jul 09, 09:09
Profit is an elusive thing
My business generates alot of cash, but why do I have this feeling that I am making a loss?
Some businesses receive cash faster than other businesses and dispense cash slower to suppliers than other businesses. This results in a cash-rich situation. However, being cash rich does not necessarily mean profitable as the cash that is payable for expenses might be more than money that is coming in as revenue. It might not be noticeable especially when there is a seasonal uptrend of revenues, but it will be felt when the opposite trend appears months later.
So it is important to understand if your business is profitable month by month by accurate accounting to prevent an over or under-statement of the real profit or loss.
AdminOutsourcing / 28 Nov 08, 11:03
Profit and cash in the bank often have little relationaship- it is common for expanding companies to be cash strapped, and declining comapnies to be cash rich. This is because, in an expanding company, profits are used to increase inventory, give customers more credit, and buy more equipment. The opposite can be true in a business which is reducing in size.
PWU / 4 Feb 09, 03:52
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"...Administration Outsourcing have been overseeing Koll's Company accounts and audits for the last 3 years. Peter Upperton has often gone to great lengths personally to ensure that we are fully compliant with Thai requirements and that I, as MD, am made aware of any issues that could be expose the Company to risk financially. I am extremely grateful to Peter and his team, as they go way beyond the normal levels of service to look after my firm's best interests!..."
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